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Photo: Drew Angerer/Getty Images

The Republican tax law has rerouted billions of dollars from the federal treasury into the bank accounts of health care companies and Wall Street investors.

By the numbers: These are some of the tax savings that have been calculated so far in 2018, according to my analysis of Q3 earnings reports.

  • UnitedHealth Group: $1.1 billion
  • Bristol-Myers Squibb: $463 million
  • Johnson & Johnson: $430 million
  • Gilead: $413 million
  • Biogen: $118 million
  • Universal Health Services: $92 million

Details: These numbers were calculated by taking each company’s effective tax rate from the first 9 months of 2017 and applying it toward operating profits in the first 9 months of 2018.

  • The difference between that number and the amount the company actually paid so far this year, under a lower rate, equals an estimated total savings.

The bottom line: Some companies have had similar or even higher tax bills this year compared with last year. But these 6 companies alone have reaped $2.6 billion from the lower corporate tax rate — a haul that has more than paid for any lobbying to get the law across the finish line.

Go deeper

The new Washington

Illustration: Sarah Grillo/Axios

The Axios subject-matter experts brief you on the incoming administration's plans and team.

Rep. Lou Correa tests positive for COVID-19

Lou Correa. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Rep. Lou Correa (D-Calif.) announced on Saturday that he has tested positive for the coronavirus.

Why it matters: Correa is the latest Democratic lawmaker to share his positive test results after last week's deadly Capitol riot. Correa did not shelter in the designated safe zone with his congressional colleagues during the siege, per a spokesperson, instead staying outside to help Capitol Police.

Far-right figure "Baked Alaska" arrested for involvement in Capitol siege

Photo: Shay Horse/NurPhoto via Getty Images

The FBI arrested far-right media figure Tim Gionet, known as "Baked Alaska," on Saturday for his involvement in last week's Capitol riot, according to a statement of facts filed in the U.S. District Court in the District of Columbia.

The state of play: Gionet was arrested in Houston on charges related to disorderly or disruptive conduct on the Capitol grounds or in any of the Capitol buildings with the intent to impede, disrupt, or disturb the orderly conduct of a session, per AP.

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